-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
      name:  <unnamed>
       log:  C:\Users\knm4642\Dropbox\Nha Meo Heo Beo\_JMP\WORKING FOLDER\Table A5_Effect on R&D.log
  log type:  text
 opened on:  18 Feb 2026, 23:49:39

. 
. //PREPARE DATA
. use "Baseline CEO firm year sample.dta", clear

. * set globals
. global firm = "firmage firmage2"

. global ceo = "gender age age2 yrinco i.education"

. global sample = "year < 2012 & !nonUS"

. global cluster = "mainethcode"

. 
. 
. //PREPARE TABLE
. eststo clear

. eststo col1: /// R&D expenditure
>         reghdfe ash_xrd trust_sd ${firm} ${ceo} if ${sample}, ///
>         a(boardid year) cluster(${cluster}) keepsin
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 7 iterations)

HDFE Linear regression                            Number of obs   =     29,384
Absorbing 2 HDFE groups                           F(  10,     37) =       9.31
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.9638
                                                  Adj R-squared   =     0.9587
                                                  Within R-sq.    =     0.0044
Number of clusters (mainethcode) =         38     Root MSE        =     0.4485

                           (Std. err. adjusted for 38 clusters in mainethcode)
------------------------------------------------------------------------------
             |               Robust
     ash_xrd | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
    trust_sd |   .0271134   .0306498     0.88   0.382    -.0349889    .0892158
     firmage |  -.0071407   .0093151    -0.77   0.448    -.0260149    .0117335
    firmage2 |  -.0001499   .0000481    -3.11   0.004    -.0002474   -.0000524
      gender |   .0254583   .0206599     1.23   0.226    -.0164026    .0673191
         age |   .0151305    .005989     2.53   0.016     .0029955    .0272655
        age2 |  -.0001459   .0000592    -2.47   0.018    -.0002658    -.000026
      yrinco |   .0046818   .0012995     3.60   0.001     .0020488    .0073147
             |
   education |
          2  |   .0268716   .0448933     0.60   0.553    -.0640908     .117834
          3  |   .0551973   .0432375     1.28   0.210    -.0324101    .1428048
          4  |   .0546676   .0437948     1.25   0.220     -.034069    .1434042
             |
       _cons |   1.454348   .2487136     5.85   0.000     .9504058    1.958289
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     boardid |      3598           0        3598     |
        year |        12           1          11     |
-----------------------------------------------------+

.                 estadd local forward    "0-year"

added macro:
            e(forward) : "0-year"

.                 estadd local FE         "X"

added macro:
                 e(FE) : "X"

.                 estadd local controls   "X"

added macro:
           e(controls) : "X"

.                 distinct boardid if e(sample)

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      29384       3598

.                 eststo col1, add(nofirms r(ndistinct))
(e(nofirms) = 3598 added)

. eststo col2: /// R&D expenditure, 1-year forward
>         reghdfe ash_f1xrd trust_sd ${firm} ${ceo} if ${sample}, ///
>         a(boardid year) cluster(${cluster}) keepsin
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 7 iterations)

HDFE Linear regression                            Number of obs   =     28,125
Absorbing 2 HDFE groups                           F(  10,     37) =       8.56
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.9655
                                                  Adj R-squared   =     0.9605
                                                  Within R-sq.    =     0.0040
Number of clusters (mainethcode) =         38     Root MSE        =     0.4433

                           (Std. err. adjusted for 38 clusters in mainethcode)
------------------------------------------------------------------------------
             |               Robust
   ash_f1xrd | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
    trust_sd |   .0164164   .0266895     0.62   0.542    -.0376617    .0704944
     firmage |  -.0103976   .0116962    -0.89   0.380    -.0340963    .0133012
    firmage2 |  -.0001291   .0000399    -3.24   0.003    -.0002099   -.0000484
      gender |   .0302457   .0292254     1.03   0.307    -.0289707    .0894621
         age |   .0114862   .0076001     1.51   0.139    -.0039131    .0268856
        age2 |  -.0001259   .0000753    -1.67   0.103    -.0002786    .0000267
      yrinco |   .0046528   .0013872     3.35   0.002     .0018419    .0074636
             |
   education |
          2  |   .0241748   .0447351     0.54   0.592    -.0664671    .1148167
          3  |   .0548703   .0466224     1.18   0.247    -.0395957    .1493362
          4  |   .0711129   .0599428     1.19   0.243    -.0503427    .1925685
             |
       _cons |    1.71175   .3826662     4.47   0.000     .9363947    2.487105
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     boardid |      3558           0        3558     |
        year |        12           1          11     |
-----------------------------------------------------+

.                 estadd local forward    "1-year"

added macro:
            e(forward) : "1-year"

.                 estadd local FE         "X"

added macro:
                 e(FE) : "X"

.                 estadd local controls   "X"

added macro:
           e(controls) : "X"

.                 distinct boardid if e(sample)

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      28125       3558

.                 eststo col2, add(nofirms r(ndistinct))
(e(nofirms) = 3558 added)

. eststo col3: /// R&D expenditure, 2-year forward
>         reghdfe ash_f2xrd trust_sd ${firm} ${ceo} if ${sample}, ///
>         a(boardid year) cluster(${cluster}) keepsin
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 7 iterations)

HDFE Linear regression                            Number of obs   =     26,710
Absorbing 2 HDFE groups                           F(  10,     37) =      20.23
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.9671
                                                  Adj R-squared   =     0.9621
                                                  Within R-sq.    =     0.0040
Number of clusters (mainethcode) =         38     Root MSE        =     0.4393

                           (Std. err. adjusted for 38 clusters in mainethcode)
------------------------------------------------------------------------------
             |               Robust
   ash_f2xrd | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
    trust_sd |   .0181811    .027881     0.65   0.518    -.0383112    .0746734
     firmage |  -.0148727    .013316    -1.12   0.271    -.0418535    .0121081
    firmage2 |  -.0001462   .0000365    -4.01   0.000    -.0002201   -.0000723
      gender |   .0724546   .0542538     1.34   0.190    -.0374741    .1823832
         age |   .0080437   .0088601     0.91   0.370    -.0099086     .025996
        age2 |  -.0000999   .0000853    -1.17   0.249    -.0002729     .000073
      yrinco |   .0034405   .0016347     2.10   0.042     .0001283    .0067528
             |
   education |
          2  |   -.021726   .0531949    -0.41   0.685     -.129509    .0860571
          3  |   .0070546    .056345     0.13   0.901    -.1071112    .1212204
          4  |   .0450091   .0660562     0.68   0.500    -.0888334    .1788516
             |
       _cons |   1.948197   .4232829     4.60   0.000     1.090545     2.80585
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     boardid |      3487           0        3487     |
        year |        12           1          11     |
-----------------------------------------------------+

.                 estadd local forward    "2-year"

added macro:
            e(forward) : "2-year"

.                 estadd local FE         "X"

added macro:
                 e(FE) : "X"

.                 estadd local controls   "X"

added macro:
           e(controls) : "X"

.                 distinct boardid if e(sample)

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      26710       3487

.                 eststo col3, add(nofirms r(ndistinct))
(e(nofirms) = 3487 added)

. eststo col4: /// R&D stock
>         reghdfe ash_rdstock trust_sd ${firm} ${ceo} if ${sample}, ///
>         a(boardid year) cluster(${cluster}) keepsin
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 7 iterations)

HDFE Linear regression                            Number of obs   =     29,384
Absorbing 2 HDFE groups                           F(  10,     37) =      69.48
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.9829
                                                  Adj R-squared   =     0.9805
                                                  Within R-sq.    =     0.0378
Number of clusters (mainethcode) =         38     Root MSE        =     0.3851

                           (Std. err. adjusted for 38 clusters in mainethcode)
------------------------------------------------------------------------------
             |               Robust
 ash_rdstock | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
    trust_sd |  -.0150564   .0204054    -0.74   0.465    -.0564016    .0262888
     firmage |    .041305   .0124682     3.31   0.002     .0160421    .0665679
    firmage2 |  -.0007109    .000047   -15.11   0.000    -.0008062   -.0006156
      gender |  -.0446739   .0170886    -2.61   0.013    -.0792987    -.010049
         age |   .0348039   .0090873     3.83   0.000     .0163913    .0532165
        age2 |  -.0002997   .0000846    -3.54   0.001    -.0004713   -.0001282
      yrinco |   .0007195    .000684     1.05   0.300    -.0006664    .0021054
             |
   education |
          2  |   .0616686   .0596383     1.03   0.308    -.0591701    .1825074
          3  |   .0815983   .0548417     1.49   0.145    -.0295215    .1927182
          4  |   .0547461   .0451818     1.21   0.233    -.0368008    .1462931
             |
       _cons |   1.334944   .3275438     4.08   0.000     .6712768     1.99861
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     boardid |      3598           0        3598     |
        year |        12           1          11     |
-----------------------------------------------------+

.                 estadd local forward    "0-year"

added macro:
            e(forward) : "0-year"

.                 estadd local FE         "X"

added macro:
                 e(FE) : "X"

.                 estadd local controls   "X"

added macro:
           e(controls) : "X"

.                 distinct boardid if e(sample)

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      29384       3598

.                 eststo col4, add(nofirms r(ndistinct))
(e(nofirms) = 3598 added)

. eststo col5: /// R&D stock, 1-year forward
>         reghdfe ash_f1rdstock trust_sd ${firm} ${ceo} if ${sample}, ///
>         a(boardid year) cluster(${cluster}) keepsin
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 7 iterations)

HDFE Linear regression                            Number of obs   =     28,125
Absorbing 2 HDFE groups                           F(  10,     37) =      51.78
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.9850
                                                  Adj R-squared   =     0.9828
                                                  Within R-sq.    =     0.0238
Number of clusters (mainethcode) =         38     Root MSE        =     0.3661

                           (Std. err. adjusted for 38 clusters in mainethcode)
------------------------------------------------------------------------------
             |               Robust
ash_f1rdst~k | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
    trust_sd |  -.0000536   .0190288    -0.00   0.998    -.0386096    .0385023
     firmage |    .019865   .0067086     2.96   0.005      .006272    .0334579
    firmage2 |  -.0005341    .000044   -12.14   0.000    -.0006233   -.0004449
      gender |  -.0199124   .0294047    -0.68   0.503     -.079492    .0396672
         age |   .0270576   .0088988     3.04   0.004      .009027    .0450882
        age2 |  -.0002405   .0000818    -2.94   0.006    -.0004063   -.0000746
      yrinco |   .0010943   .0007488     1.46   0.152    -.0004228    .0026115
             |
   education |
          2  |   .0632224   .0560559     1.13   0.267    -.0503575    .1768024
          3  |   .0793594   .0497988     1.59   0.120    -.0215426    .1802614
          4  |   .0735392   .0415674     1.77   0.085    -.0106843    .1577626
             |
       _cons |   1.823643   .3130011     5.83   0.000     1.189443    2.457844
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     boardid |      3558           0        3558     |
        year |        12           1          11     |
-----------------------------------------------------+

.                 estadd local forward    "1-year"

added macro:
            e(forward) : "1-year"

.                 estadd local FE         "X"

added macro:
                 e(FE) : "X"

.                 estadd local controls   "X"

added macro:
           e(controls) : "X"

.                 distinct boardid if e(sample)

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      28125       3558

.                 eststo col5, add(nofirms r(ndistinct))
(e(nofirms) = 3558 added)

. eststo col6: /// R&D stock, 2-year forward
>         reghdfe ash_f2rdstock trust_sd ${firm} ${ceo} if ${sample}, ///
>         a(boardid year) cluster(${cluster}) keepsin
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 7 iterations)

HDFE Linear regression                            Number of obs   =     26,710
Absorbing 2 HDFE groups                           F(  10,     37) =      27.88
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.9863
                                                  Adj R-squared   =     0.9842
                                                  Within R-sq.    =     0.0182
Number of clusters (mainethcode) =         38     Root MSE        =     0.3562

                           (Std. err. adjusted for 38 clusters in mainethcode)
------------------------------------------------------------------------------
             |               Robust
ash_f2rdst~k | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
    trust_sd |   .0168163   .0201677     0.83   0.410    -.0240473    .0576799
     firmage |   .0066542   .0070269     0.95   0.350    -.0075838    .0208921
    firmage2 |  -.0004497   .0000429   -10.47   0.000    -.0005367   -.0003627
      gender |   .0095343   .0445231     0.21   0.832    -.0806782    .0997467
         age |   .0217885   .0088492     2.46   0.019     .0038582    .0397187
        age2 |  -.0002002   .0000816    -2.45   0.019    -.0003655   -.0000349
      yrinco |   .0013956    .000892     1.56   0.126    -.0004117    .0032029
             |
   education |
          2  |   .0531426   .0498435     1.07   0.293      -.04785    .1541352
          3  |   .0727507    .045828     1.59   0.121    -.0201056     .165607
          4  |   .0820895   .0406865     2.02   0.051    -.0003491    .1645281
             |
       _cons |   2.126158    .354289     6.00   0.000       1.4083    2.844016
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     boardid |      3487           0        3487     |
        year |        12           1          11     |
-----------------------------------------------------+

.                 estadd local forward    "2-year"

added macro:
            e(forward) : "2-year"

.                 estadd local FE         "X"

added macro:
                 e(FE) : "X"

.                 estadd local controls   "X"

added macro:
           e(controls) : "X"

.                 distinct boardid if e(sample)

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      26710       3487

.                 eststo col6, add(nofirms r(ndistinct))
(e(nofirms) = 3487 added)

. 
. esttab /*using "Table A5_Effect on R&D.tex"*/, ///
>         cells(b(star fmt(3)) se(par fmt(3))) starlevels(* 0.1 ** 0.05 *** 0.01) ///
>         nomtitle collabels(none) label varwidth(18) modelwidth(12) ///
>         mgroups("arsinh(R\&D expenditure)" "arsinh(R\&D stock)", pattern(1 0 0 1 0 0) ///
>                 prefix(\multicolumn{@span}{c}{) suffix(}) span) ///
>         keep(trust_sd) coeflab(trust_sd "CEO's trust") ///
>         stats(forward FE controls N nofirms, fmt(%9.2fc %9.0fc %9.0fc) ///
>                 lab("Forward" "Firm \& Year FEs" "Baseline controls" "Observations" "Firms"))

------------------------------------------------------------------------------------------------------------------
                   \multicolumn{3}{c}{arsinh(R\&D expenditure)}    \multicolumn{3}{c}{arsinh(R\&D stock)}         
                            (1)             (2)             (3)             (4)             (5)             (6)   
------------------------------------------------------------------------------------------------------------------
CEO's trust               0.027           0.016           0.018          -0.015          -0.000           0.017   
                        (0.031)         (0.027)         (0.028)         (0.020)         (0.019)         (0.020)   
------------------------------------------------------------------------------------------------------------------
Forward                  0-year          1-year          2-year          0-year          1-year          2-year   
Firm \& Year FEs              X               X               X               X               X               X   
Baseline controls             X               X               X               X               X               X   
Observations             29,384          28,125          26,710          29,384          28,125          26,710   
Firms                     3,598           3,558           3,487           3,598           3,558           3,487   
------------------------------------------------------------------------------------------------------------------

. 
. cap log close
